Peralta gets $3 million per year and has a $2.5 million option for 2015. The deal is pending a physical exam, which might not occur until next week.

"Some teams offered a little bit more money, but I got what I thought I was worth and I was happy with it," Peralta said. "I didn't want to go anywhere else."

Peralta, 36, has been the Rays main set-up man the past two seasons. He appeared in 76 games this past season with a 2-6 record, two saves and a 3.63 ERA. He made 71 appearances in 2011.

He was suspended eight games in June when umpires found excessive pine tar in his glove against the Washington Nationals.

Peralta's return keeps the Rays' strong bullpen intact. The club already picked up the option on closer Fernando Rodney and left-hander Jake McGee is also expected to return. However, left-hander J.P. Howell and righty Kyle Farnsworth are free agents.